The global Medical Tourism market will witness a double digit compounded annual growth rate (CAGR) of over 12.7% over the next five years.
According to estimates, the medical tourism market, which was estimated at $102.60 billion in 2019 and is predicted to accrue earnings worth $272.70 billion by 2027, is set to record a CAGR of nearly 12.7% over 2020-2027.
Introduction of Medical Toursim
Medical tourism is referred to as individuals travelling abroad for acquiring medical therapy. The medical or healthcare treatment encompasses oncology treatment, elective surgery, neurological disease therapy, orthopedic therapy, and infertility treatment. Furthermore, medical tourists plan to travel to distant countries or locations for saving over thirty percent of costs they would have to incur in the countries they reside in. Reportedly, patients with cardiovascular disorders based in the U.S. travel to Asian or Latin American countries for getting medical treatment, thereby saving nearly 30% to 50% of treatment costs.
Medical Tourism Market Growth Drivers
Easy access and affordability of high quality healthcare services in the countries like India coupled with the support from tourist departments & local authorities will propel the expansion of the market over the forthcoming years. Apart from this, easy access to upgraded medical systems at the medical tourist locations across the globe and use of cutting edge technology in healthcare sector along with availability of enhanced healthcare amenities in medical tourist destinations will further promulgate the business growth. In addition to this, long queuing time and huge medical treatment costs has compelled the patients shift towards medical tourism, thereby contributing sizably towards the market size in the recent years. Nonetheless, lengthy procedures related to documentation issues along with language barriers as well as visa approval problems related to medical tourism events can prove detrimental to the growth of the medical tourism industry across the globe over the upcoming timespan.
Asia Pacific Market To Register Opulent Growth By 2026
The growth of the industry in the Asia Pacific zone over the forecast timeline is attributed to easy access to cost-efficient and high quality medical treatment facilities in the countries like India and Thailand. In addition to this, rise in the private medical clinics and availability of robust healthcare infrastructure facility in these countries will steer the regional industry growth during the forecast timeline. Supportive government policies in countries like Malaysia and South Korea along with low costs of medical treatment in these countries will embellish the expansion of medical tourism industry in the sub-continent over the forth coming years.
Key participants leveraging the business growth and included in the study are Medanta, Spire Healthcare, Fortis Healthcare, Bangkok Dusit Medical Services, IHH Healthcare Berhad, Apollo Hospitals Enterprise Limited, Bumrungrad Hospital Public Co. Ltd., Min-Sheng General Hospital, KPJ Healthcare Berhad, Asian Heart Institute, Prince Court General Hospital, Samitivej Sukhumvit, and Raffles Medical Group.